Summit Hotel Properties (NYSE:INN) Hits New 52-Week High - Here's What Happened

Key Points

• Summit Hotel Properties hit a 52-week high, trading at $7.415 after a prior close of $7.21.
• The REIT reported quarterly adjusted earnings of $0.07 per share, beating estimates of $0.10 per share in losses, while revenue of $185.71 million also topped forecasts.
• Analysts’ consensus rating is Hold, with a $6.00 average price target—below the latest share price. The company also declared a quarterly dividend of $0.08 per share, equivalent to a 4.3% yield.

Summit Hotel Properties, Inc. (NYSE:INN - Get Free Report) shares reached a new 52-week high on Tuesday. The stock traded as high as $7.36 and last traded at $7.4150, with a volume of 389,498 shares traded. The stock had previously closed at $7.21.

Wall Street Analysts Forecast Growth

Several brokerages have commented on INN. Weiss Ratings cut shares of Summit Hotel Properties from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Thursday, October 8th. Zacks Research cut Summit Hotel Properties from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 24th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Summit Hotel Properties currently has a consensus rating of "Hold" and a consensus target price of $6.00.

Summit Hotel Properties Price Performance

The firm has a market capitalization of $799.71 million, a price-to-earnings ratio of -39.03, a P/E/G ratio of 7.83 and a beta of 1.27. The company's 50 day moving average is $6.25 and its 200-day moving average is $5.65. The company has a current ratio of 0.83, a quick ratio of 0.71 and a debt-to-equity ratio of 1.16.

Summit Hotel Properties (NYSE:INN - Get Free Report) last released its quarterly earnings results on Tuesday, November 3rd. The real estate investment trust reported ($0.07) earnings per share for the quarter, beating analysts' consensus estimates of ($0.10) by $0.03. The company had revenue of $185.71 million during the quarter, compared to the consensus estimate of $180.92 million. Summit Hotel Properties had a negative net margin of 0.49% and a negative return on equity of 0.31%. Equities research analysts anticipate that Summit Hotel Properties, Inc. will post 0.79 earnings per share for the current year.

Summit Hotel Properties Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 30th. Shareholders of record on Monday, November 16th will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, November 16th. This represents a $0.32 annualized dividend and a yield of 4.3%. Summit Hotel Properties's dividend payout ratio (DPR) is presently -168.42%.

Institutional Investors Weigh In On Summit Hotel Properties

A number of institutional investors and hedge funds have recently made changes to their positions in INN. Virtus Advisers LLC lifted its position in shares of Summit Hotel Properties by 232.1% during the third quarter. Virtus Advisers LLC now owns 403,391 shares of the real estate investment trust's stock worth $2,408,000 after acquiring an additional 281,914 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in Summit Hotel Properties by 129.2% during the third quarter. Russell Investments Group Ltd. now owns 474,595 shares of the real estate investment trust's stock worth $2,833,000 after purchasing an additional 267,526 shares during the last quarter. Alps Advisors Inc. increased its holdings in shares of Summit Hotel Properties by 5.6% in the third quarter. Alps Advisors Inc. now owns 42,999 shares of the real estate investment trust's stock worth $257,000 after buying an additional 2,295 shares during the period. CenterBook Partners LP purchased a new stake in Summit Hotel Properties in the third quarter worth $527,000. Finally, Inscription Capital LLC boosted its position in shares of Summit Hotel Properties by 32.5% during the third quarter. Inscription Capital LLC now owns 29,940 shares of the real estate investment trust's stock valued at $179,000 after purchasing an additional 7,350 shares in the last quarter. Institutional investors and hedge funds own 96.47% of the company's stock.

About Summit Hotel Properties

Summit Hotel Properties, Inc. is a real estate investment trust (REIT) focused on owning and investing in premium-branded, select-service hotels in the United States. Its properties generally operate under nationally recognized hotel brands and serve business and leisure travelers. The company's portfolio has included hotels affiliated with major hospitality brands such as Marriott, Hilton, Hyatt and InterContinental Hotels Group. Summit emphasizes select-service properties, which typically offer essential lodging amenities while operating with a more streamlined cost structure than full-service hotels.

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